Home Prices: These Metro Areas Could See Some 10% Growth by 2017

Almost every piece of data released over recent weeks has shown a sustained turnaround in the housing market, including rebounds in house groundbreakings and existing-home sales, and steadily climbing prices.
It is the topic of home prices that seems to strike a chord among the millions of homeowners who have seen the value of their properties plummet since the financial crisis/housing bubble of five years ago.
U.S. home prices increased for the sixth consecutive month through September, S&P/Case-Shiller reported last week.
And National home prices are expected to rise 0.3 percent in the next year, according to the latest report by Fiserv Case-Shiller.
But over the next five years, home prices are projected to rise 3.3 percent.
BusinessInsider.com took data from Fiserv Case-Shiller to identify the best housing markets for the next five years.
Here’s a glimpse of the top five:

  1. Medford, Oregon
    Annualized expected growth from 2012-2017: 11.2 percent;
    Population of 204,822 and median family income of $49,600.
    Home prices have fallen 39.8 percent since their peak in Q2 2006.
  2. Panama City-Lynn Haven-Panama City Beach, Florida
    Annualized expected growth from 2012-2017: 9.5 percent.
    Home prices have fallen 45.3 percent since their Q1 2006 peak.
    Median home price of $137,000.
  3. Santa Fe, New Mexico
    Annualized expected growth from 2012-2017: 8.9 percent.
    Home prices have fallen 21.7 percent from Q4 2007 peak.
    Median household income of $59,600, below the national median of $62,900.
  4. Madera-Chowchilla, California
    Annualized expected growth from 2012-2017: 8.8 percent.
    Home prices have fallen 54 percent since their peak in the third quarter of 2006.
    Unemployment rate of 14.2 is much higher than the national average of 8.1.
  5. Sebastian-Vero Beach, Florida
    Annualized expected growth from 2012-2017: 8.7 percent.
    Home prices have fallen 50.9 percent since their Q4 2005 peak.
    Median cost of a home is $150,000.

 

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